COTTON SUPPLIES

Evening Post, Volume CV, Issue 110, 10 May 1923, Page 7

COTTON SUPPLIES

WORLD SHORTAGE PREDICTED

PRICES ADVANCE IMMEDIATELY,

(UNITED. PRESS ASSOCIATION.—COPIMGII.) (AUSTRALIAN - NEW 'ZEALAND CAitg ASSOCIATION.) WASHINGTON, Bth May. The Department of Commerce has issued an estimate of the existing 'world stocks of cotton, indicating that when the year ends on 31st July there will be carried over for the following year only half as much cotton as was carried over on 31st July, 1922. This is due to the increased world consumption. There was available for tho current year 27,291,000 bales, and the world consumption during the first eight months totalled 15,281,000 bales. Thus, if tho consumption continues at the same rate during the last four months, the total consumed will be 22,921,000 bales, and there will remain for the following year 4,370,000 bales, compared with 9,536,000 bales remaining at 31st July, 1922. The American, carry-over of stocks at the last-named date was 5,123,000 bales, and it is estimated that the carry-over of stocks at 31st July, 1923, will be only 1,529,000 bales. The Department points out that this indicates that the world is facing a most serious shortage in cotton.

The figures caused great excitement on the New York Cotton Exchange, prices going up four dollars per bale within a short time.